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Socket Recovers 1,032 ETH After Exploiting Bungee Bridge Protocol

The Socket blockchain protocol has successfully recovered 1,032 Ethereum (ETH) following an exploit in the Bungee bridge protocol that occurred last week. In an announcement on January 23, the Socket team confirmed the recovery of 1,032 ETH, equivalent to 2.3 million USD at current rates. The team also assured users that a comprehensive recovery and distribution plan would be presented soon.

The details surrounding the recovery process remain undisclosed, and as of the latest update, Socket users have not provided comments on the retrieval of stolen assets. The project team cautioned the community to exercise caution, avoiding unofficial links and trusting only verified sources to prevent further security issues.

Last week, an exploit targeted wallets with infinite approval of Socket contracts, prompting the project to suspend the affected contracts. The security incident resulted in the theft of at least $3.3 million in funds, according to PeckShield, a blockchain security company. The exploit took advantage of incomplete user input validation, enabling the malicious actors to steal funds from users who had approved the vulnerable SocketGateway contract.

Recovering assets after a hack is a rare occurrence in the cryptocurrency space. Typically, hackers cover their tracks, making the retrieval of stolen assets challenging. However, the Socket team’s successful recovery aligns with the precedent set by Cypher Protocol in August 2023, where approximately 50% of stolen client assets worth $600,000 were reclaimed within 10 days of the hack. Cypher Protocol also implemented a redemption plan to distribute the remaining assets to affected users.

The Socket protocol’s ability to recover assets showcases a positive development in addressing security incidents within the blockchain space, emphasizing the importance of swift and effective response measures.

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